First Half of 2018, DSNG Recorded Revenue of Rp 2.1 Trillion
JAKARTA, AUGUST 31, 2018 – PT Dharma Satya Nusantara Tbk (“Company”, “DSNG”) today published the Consolidated Financial Statements as of 30 June 2018 with a limited review.
In the first semester of 2018, the Company recorded revenue of Rp 2.1 trillion, a decrease of 20% compared to the same period last year. The decline was mainly due to lower revenue from the palm oil segment as a result of the low production of Fresh Fruit Bunches (FFB) and the weakening of CPO prices during the first six months of this year.
The palm oil segment contributes around 79% of the Company's total revenue, the rest from the wood product segment. The Company booked palm oil revenue in the first half of this year around Rp 1.7 trillion, 26% lower compared to the same period last year, while revenue from the wood product segment rose by 15% to Rp 452 billion.
Through June 2018, the Company's FFB production reached 697 thousand tons, 16% lower compared to the same period last year and CPO production was recorded at 187 thousand tons, a decrease of 12% compared to the same period last year.
While the average selling price of the Company's CPO in the first semester of 2018 was recorded at Rp 7.8 million per ton, 6% lower compared to the same period last year.
In the first semester of this year, the Company generated EBITDA of Rp 511 billion, with an EBITDA margin of 24%. While the Company's profit was recorded at Rp 132 billion with a profit margin of 6%.
President Director of the Company, Andrianto Oetomo, said that in the second half of this year, operational performance of the Company’s plantation would be expected to improve along with the normal harvest patterns which increase FFB production in the third and fourth quarter compared to the beginning of the year.
“In addition, we hope that CPO price would be higher as a result of the B20 policy for all industry segments that will be signed by the government on September 1, 2018,” said Andrianto Oetomo.
In the first half of 2018, the Company also recorded an improvement of Oil Extraction Rate (OER) to 23.71% compared to the same period last year of 22.27%. The aggregate level of Free Fatty Acid (FFA) also improved to 2.77% in this semester, compared to 3.17% in the same period last year.
Meanwhile, in wood product business segment, our panel product sales volume increase of 20% to 39 thousand m3, with average selling price also14% higher to Rp 5.8 million per m3. While sales volume of engineered flooring products decreased by 12% to 524 thousand m2. The engineered flooring average selling price, however, rose by 7% to Rp 410 thousand per m2.
ABOUT THE COMPANY
PT Dharma Satya Nusantara Tbk was established on 29 September 1980, and is active in the palm oil industry and wood products manufacturing. The Company currently operates 13 estates and 7 palm oil mills with a total capacity of 450 tons per hour. In the wood product segment, the Company operates wood processing plants in Central Java, which produce panel products and engineered flooring.
PT Dharma Satya Nusantara Tbk
Jl. Rawa Gelam V Kav. OR/3B
Pulogadung Industrial Estates
Jakarta 13930, Indonesia